Your Smart and Personal Warranty Assistant – Warranty Vault!
How many times did it happen to you that you product broke down, you had no idea what went wrong, you were clueless where the warranty was, and you ended up having issues returning the product?
That happens a lot! And it ends up in massive customer dissatisfaction.
However, on the manufacturer’s and retailer’s side the problem is even bigger. Worldwide, 20% of all consumer electronics are returned to manufacturers. However, only 5% of these products are malfunctioning. 95% of the products are either returned because of buyers’ remorse (27%) or due to ill-informed consumers that struggle with handling the products (68%). Thus, manufacturers and retailers have to handle warranty claims and accept, test, store and redistribute a massive amount of returned products that are not even qualified for warranty.
If we quantify this problem in return costs we end up with a number of $25.3 billion for manufacturers and retailers in Europe and the U.S alone.
Warranty Vault can position itself successfully within consumer returns industry because it does not only unlock immense saving potentials for manufacturers and retailers through the reduction of returned products, but also increases customer satisfaction and brand loyalty.
The solution represents a smartphone application that is connected to a multi-sided online platform.
The WV application directly addresses problems due to uneducated consumers by allowing users to store their warranties in the cloud, giving them an easy and instant access to instruction manuals, troubleshooting guides and warranty duration. In addition, users of Warranty Vault can easily get in contact with customer support or claim their qualified warranties.